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FUD Alert: Binance's CZ Quashes French Rumors

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Fri, 16/06/2023 - 15:05
FUD Alert: Binance's CZ Quashes French Rumors
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Binance CEO Changpeng Zhao, also known as CZ, swiftly quashed rumors concerning the company's recent regulatory activities in France, characterizing them as "FUD," a popular acronym in the crypto community standing for fear, uncertainty and doubt.

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The move follows reports that the cryptocurrency exchange, the world's largest and home to the fourth biggest cryptocurrency by market cap, was under investigation by French authorities for alleged illegal practices, including potential money laundering.

In a series of tweets, CZ underscored that surprise inspections of regulated businesses, such as banks and cryptocurrency platforms, are standard practice in France.

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The surprise inspection at Binance's French operation had taken place a few weeks prior. CZ stressed that Binance had fully cooperated with the regulatory authorities during this inspection. He went on to note that such inspections were not unique to Binance since other recognized crypto businesses in Paris had also been subject to similar checks. Despite swirling rumors, CZ affirmed that Binance France continues to serve as the flagship center for the company in Europe.

Further clarification on the matter was provided via Binance's official Twitter account. The statement confirmed that onsite visits by regulators and inspectors are part of the regulatory obligations for all financial institutions in France.

Binance emphasized its full collaboration during the recent inspection, underscoring its continued commitment to working closely with regulators and law enforcement agencies to meet all ongoing compliance requirements.

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